KUALA LUMPUR (June 29): Gamuda Bhd's net profit climbed 56% to RM221.49 million for the third quarter ended April 30 (3QFY22) from RM141.89 million a year ago, driven by stronger overseas property earnings. 

In a filing with Bursa Malaysia, the group disclosed that net profit from the group’s property segment jumped almost three-fold for the quarter under review, while earnings from construction grew 20% and concession businesses contracted 30% year-on-year.

Revenue for 3QFY22 rose 22% year-on-year to RM1.18 billion, from RM971.18 million. 

The group declared dividend of six sen per share, bringing the total for the full-year so far to 12 sen per share.

For the cumulative nine-month period, net profit grew 47% to RM550.98 million from RM375.44 million in the previous corresponding period, while revenue rose 22% to RM3.22 billion from RM2.63 billion over the same period. 

Overseas projects remained the biggest sales contributor, especially Vietnam and Singapore markets which contributed 53% of total property sales, said Gamuda.

“Gamuda Land Sdn Bhd is on track to achieve its full year sales target of RM4 billion, which is 38% more than last year’s RM2.9 billion sales,” the group said, adding that it is anticipated that this year’s performance will be driven by property sales, and the continued progress of the MRT Putrajaya Line.

Moving forward, Gamuda said its prospect is underpinned by a RM12.4 billion construction orderbook and unbilled property sales of RM5.4 billion.

“On top of that, the group has a healthy balance sheet with a low gearing of 0.1 times, coupled with a strong cash position,” it added.

Gamuda closed unchanged at RM3.42 on Wednesday (June 29), valuing it at RM8.73 billion.